Tuesday, 15 September 2015

Credit History! #credit

So we recently moved house which involved several discussions with various estate agents, mortgage brokers and my accountant. Being self-employed it was harder for me to get the lending power that I needed, but I found a great mortgage broker from London and Country who simplified the whole process.


One estate agent wouldn’t even give us a viewing until I provided them with a full credit history, seriously as if I wanted to view houses just for kicks!

That got me to thinking what exactly does the average Joe know about this mythical but so very important beast, the credit score.


I used a free 30 day trial to get the information that was required for the viewing; it was an epic factsheet of my past from ancient credit cards to inactive credit agreements in all I recall it being 20 pages long!

Today out of sheer curiosity I have again applied for a 30 day free trial with another company to see just how much information these companies know about us and how previous lending has affected my score.

So the new report shows my last addresses for the last 10+ years which in itself quite amazing as I have travelled around the country a fair bit, it also shows the current agreements in place and the ones settled in the past too.

You also get the “powerful” credit score which is your main swinging point when it comes to getting borrowing approved, luckily for me my credit history is long and clean and this new lending hasn’t impacted the score at all (by some miracle!)

I wouldn’t be able to offer you much advice as to how to clean up your score if you have become unstuck along your financial path, the only advice I would offer is to ensure that you are not taking on more than you can theoretically pay back and ensure you have signed up to the electoral roll!

Remember with mortgages always search around for the best deals and don’t over stretch as the interest rates are poised to rise (in my opinion!)

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